I would say #2 if you have simple query like where X=Y
Joining 3 tables is a lot slower than joining 2 tables, it's not trible the time of a single query, but "cube" the time, i.e. if t= single query's time. time for joining 3 tables = approx. ttt.
Of course the real situation is a lot more complicated than the above simpy math. and it always depends on how effcient your database design is.
Simonsky